Common use of Payments; Application of Payments Clause in Contracts

Payments; Application of Payments. (a) Each Floor Plan Borrower shall, on the Curtailment Date of a Motor Vehicle financed hereunder, pay in full the Floor Plan Advance Limit with respect to such Motor Vehicle. (b) Upon the sale of any Motor Vehicle by a Floor Plan Borrower, such Floor Plan Borrower shall pay in full the Floor Plan Advance Limit with respect to such Motor Vehicle immediately upon the earliest to occur of: (i) with respect to Motor Vehicles for which cash has been received upon the sale thereof, within five (5) calendar days of receipt of cash, (ii) with respect to Sale Dated Motor Vehicles, within fifteen (15) calendar days of the date of such Motor Vehicle was sold and (iii) with respect to Fleet Motor Vehicles, within thirty (30) calendar days of the date of sale. (c) Payments required to be made by any Floor Plan Borrower as set forth in Section 2.5(a), Section 2.5(b) and Section 2.5(d) shall be applied in the following order: (i) first, to the outstanding principal balance of Swing Line Overdraft Loans, (ii) second, to the outstanding principal balance of Swing Line Loans, (iii) third, only if no Swing Line Overdraft Loans or Swing Line Loans are then outstanding, to the outstanding principal balance of Floor Plan Loans that were funded from the Reserve Commitment, and (iv) finally, only if no Swing Line Overdraft Loans or Swing Line Loans are then outstanding and none of the outstanding principal balance of the Floor Plan Loans has been funded from the Reserve Commitment, to the remaining principal balance of the Floor Plan Loans. (d) An amount equal to two percent (2%) of the original principal amount of Floor Plan Loans (or any portion thereof) attributable to each Rental Motor Vehicle shall be payable on the fifteenth (15th) day of each month after the date such Motor Vehicle is Deemed Floored.

Payments; Application of Payments. (a) Each Floor Plan Borrower shall, on the Curtailment Date of a Motor Vehicle financed hereunder, pay in full the Floor Plan Advance Limit with respect to such Motor Vehicle. (b) Upon the sale of any Motor Vehicle by a Floor Plan Borrower, such Floor Plan Borrower shall pay in full the Floor Plan Advance Limit with respect to such Motor Vehicle immediately upon the earliest to occur of: (i) with respect to Motor Vehicles for which cash has been received upon the sale thereof, within five (5) calendar days of upon receipt of cashpayment, (ii) with respect to Sale Dated Motor Vehicles, within fifteen ten (1510) calendar days of the date of such Motor Vehicle was sold and (iii) with respect to Fleet Motor Vehicles, within thirty (30) calendar days of the date of sale. (c) Payments Subject to the provisions of Section 2.3(e), payments required to be made by any Floor Plan Borrower as set forth in Section 2.5(a), Section 2.5(b) and Section 2.5(d2.5(b) shall be applied in the following order: (i) first, to the outstanding principal balance of Swing Line Overdraft Loans, (ii) second, to the outstanding principal balance of Swing Line Loans, Loans (iii) third, only if no Swing Line Overdraft Loans or Swing Line Loans are then outstanding, to the outstanding principal balance of Floor Plan Loans that were was funded from the Reserve Commitment, and (iv) finally, only if no Swing Line Overdraft Loans or Swing Line Loans are and then outstanding and none of the outstanding principal balance of the Floor Plan Loans has been funded from the Reserve Commitment, to the remaining outstanding principal balance of the Floor Plan Loans. (d) Each Floor Plan Borrower shall cause all proceeds from the sale of Motor Vehicles financed hereunder to be deposited directly into an account of the applicable Borrower with its local financial institution which proceeds shall be transferred to the Floor Plan Agent as Excess/Payments in Process for payment of the Loans as provided in Section 2.5(b). (e) An amount equal to two percent (2%) of the original principal amount of Floor Plan Loans (or any portion thereof) attributable to each Rental Motor Vehicle shall be payable on the fifteenth (15th) day of each month after the date such Motor Vehicle is Deemed Floored.

Payments; Application of Payments. (a) Each Floor Plan Borrower shall, on the Curtailment Date of a Motor Vehicle financed hereunder, pay in full the Floor Plan Advance Limit with respect to such Motor Vehicle. (b) Upon the sale of any Motor Vehicle by a Floor Plan Borrower, such Floor Plan Borrower shall pay in full the Floor Plan Advance Limit with respect to such Motor Vehicle immediately upon the earliest to occur of: (i) with respect to Motor Vehicles for which cash has been received upon the sale thereof, within five (5) calendar days of upon receipt of cashpayment, (ii) with respect to Sale Dated Motor Vehicles, within fifteen ten (1510) calendar days of the date of such Motor Vehicle was sold and (iii) with respect to Fleet Motor Vehicles, within thirty (30) calendar days of the date of sale. (c) Payments Subject to the provisions of Section 2.3(e), payments required to be made by any Floor Plan Borrower as set forth in Section 2.5(a), Section 2.5(b) and Section 2.5(d2.5(b) shall be applied in the following order: (i) first, to the outstanding principal balance of Swing Line Overdraft Loans, (ii) second, to the outstanding principal balance of Swing Line Loans, (iii) third, only if no Swing Line Overdraft Loans or Swing Line Loans are then outstanding, to the outstanding principal balance of Floor Plan Loans that were was funded from the Reserve Commitment, and (iv) finally, only if no Swing Line Overdraft Loans or Swing Line Loans are then outstanding and none of the outstanding principal balance of the Floor Plan Loans has been funded from the Reserve Commitment, to the remaining outstanding principal balance of the Floor Plan Loans. (d) Each Floor Plan Borrower shall cause all proceeds from the sale of Motor Vehicles financed hereunder to be deposited directly into an account of the applicable Borrower with its financial institution which proceeds shall be transferred to the Floor Plan Agent as Excess/Payments in Process for payment of the Loans as provided in Section 2.5(b). (e) An amount equal to two percent (2%) of the original principal amount of Floor Plan Loans (or any portion thereof) attributable to each Rental Motor Vehicle shall be payable on the fifteenth (15th) day of each month after the date such Motor Vehicle is Deemed Floored.

Payments; Application of Payments. (a) Each Floor Plan Borrower shall, on the Curtailment Date of a Motor Vehicle financed hereunder, pay in full the Floor Plan Advance Limit with respect to such Motor Vehicle. (b) Upon the sale of any Motor Vehicle by a Floor Plan Borrower, such Floor Plan Borrower shall pay in full the Floor Plan Advance Limit with respect to such Motor Vehicle immediately upon the earliest to occur of: (i) with respect to Motor Vehicles for which cash has been received upon the sale thereof, within five three (53) calendar days Business Days of receipt of cashpayment, (ii) with respect to Sale Dated Motor Vehicles, within fifteen ten (1510) calendar days of the date of such Motor Vehicle was sold and (iii) with respect to Fleet Motor Vehicles, within thirty (30) calendar days of the date of sale. (c) Payments required to be made by any Floor Plan Borrower as set forth in Section 2.5(a), ) or Section 2.5(b) and Section 2.5(d) shall be applied in the following order: (i) first, to the outstanding principal balance of Swing Line Overdraft Loans, (ii) second, to the outstanding principal balance of Swing Line Loans, (iii) third, only if no Swing Line Overdraft Loans or Swing Line Loans are then outstanding, to the outstanding principal balance of Floor Plan Loans that were funded from the Reserve Commitment, and (iv) finally, only if no Swing Line Overdraft Loans or Swing Line Loans are then outstanding and none of the outstanding principal balance of the Floor Plan Loans has been funded from the Reserve Commitment, to the remaining principal balance of the Floor Plan Loans. (d) An amount equal to two percent (2%) of the original principal amount of Floor Plan Loans (or any portion thereof) attributable to each Rental Motor Vehicle shall be payable on the fifteenth (15th) day of each month after the date such Motor Vehicle is Deemed Floored.

Payments; Application of Payments. (a) Each Floor Plan Borrower shall, on the Curtailment Date of a Motor Vehicle financed hereunder, shall pay in full an amount equal to the Floor Plan Advance Limit with respect to such Motor Vehicle. (b) Upon the sale of any Motor Vehicle by a Floor Plan Borrower, such Floor Plan Borrower shall pay in full the Floor Plan Advance Limit with respect to such Motor Vehicle that has been sold immediately upon the earliest to occur of: (i) with respect to Motor Vehicles for which cash has been received upon the sale thereofother than those described in (ii) and (iii) below, within five (5) calendar days of receipt of cashBusiness Days after the sale thereof, (ii) with respect to Sale Dated Motor VehiclesVehicles or Motor Vehicles financed by a retail installment contract, consumer lease agreement or loan arranged by the Floor Plan Borrower, within fifteen ten (1510) calendar days of the date of such Motor Vehicle was sold and (or possession of the Motor Vehicle transferred to the buyer, if earlier), (iii) with respect to Fleet Motor Vehicles, within thirty (30) calendar days of the date of salesale and, (iv) in all cases, one (1) Business Day following receipt of payment in full from the sale thereof. With respect to Motor Vehicles that are not sold, each Floor Plan Borrower shall pay in full an amount equal to the Floor Plan Loan with respect to any Motor Vehicle on the fifth Business Day of the month following the Curtailment Date of such Motor Vehicle, to the extent payment has not earlier been made. Upon the funding thereof, any Overage Amount shall be due and payable by the Floor Plan Borrower or Borrowers on whose account or accounts such Overage Amount was funded in connection with a Draft under Section 2.3(d)(ii)(4) by the next Business Day. (cb) Payments Subject to the provisions of Section 2.3(f), payments required to be made by any Floor Plan Borrower as set forth in Section 2.5(a), Section 2.5(b) and Section 2.5(d) shall be applied in the following order: (i) first, to the outstanding principal balance of Swing Line Overdraft Loansand then to accrued interest on any Overage Amount, (ii) second, to the outstanding principal balance of Floor Plan Swing Line Loans, (iii) third, only if no Swing Line Overdraft Loans or Swing Line Loans are then outstanding, to the outstanding principal balance of Floor Plan Loans that were funded from the Reserve Commitment, and (iv) finally, only if no Swing Line Overdraft Loans or Swing Line Loans are then outstanding and none of the outstanding principal balance of the Floor Plan Loans has been funded from the Reserve Commitment, to the remaining outstanding principal balance of the Floor Plan Loans. (dc) An amount equal to two percent (2%) of the original principal amount of Each Floor Plan Loans (or any portion thereof) attributable Borrower shall cause all proceeds from the sale of Motor Vehicles financed hereunder to each Rental Motor Vehicle shall be payable on deposited directly into the fifteenth (15th) day of each month after the date such Motor Vehicle is Deemed Flooredapplicable Floor Plan Borrower Dealership Account.